CryptoPunks NFT Worth $1.5 Million Just Sold for $23,000—Here's How - Decrypt
CryptoPunks NFT Worth $1.5 Million Just Sold for $23,000—Here's How - Decrypt
"Heist" or just a brilliant play? CryptoPunk #2386 sold for a fraction of its market value thanks to a smart contract and an unexpected move.
"Worth"
Here's how
not much of a secret, it was a bubble, the bubble has popped, now we wait for the next one.
Did you read the article? The price of those NFTs might be a bubble, but the transfer has nothing to do with the bubble.
The main trading platform for that NFT no longer exists. The guy looked at the smart contract, though, and concluded there was a way he could put in a bid for all shares that automatically executed after 2 weeks as long as no one else declined. So he made his own transaction with a low-ball offer, and bet on no one noticing because without the platform it would be much harder to notice.
Pretty clever.
But now he has what? A piece of code that says he has non-exclusive ownership* of some bits on a particular exchange, and he paid 23k for that privilege?
*There are no legal frameworks that enforce his ownership of said item. Additionally their are no technical hurdles that prevent other from the same ownership.